When adjusted for inflation, rents throughout New York City have risen a staggering 32 percent since 2002. Think that's bad? Well, it is (as mapped here), but in certain neighborhoods, rents have soared twice as much, or even almost threefold. A report released by the nonprofit Community Service Society says that rents in Central Harlem have risen 90 percent in the last 12 years, from a median rent of $821 to 2014's $1,560. Central Harlem is the neighborhood that's most acutely felt the rise in rents since 2002, with Bed-Stuy following with a median rent increase of 63 percent from $921 to $1,500. Other neighborhoods that follow close behind are the lumped areas of Fort Greene/Dumbo/Brooklyn Heights with a 59 percent increase, and Washington Heights/Inwood with a 55 percent increase in median rent (h/t NYDN).
The depressing-as-all-hell update comes from data released last week by the U.S. Census Bureau that was collected by the city's Department of Housing and Urban Development using a survey of 18,000 newly-moved New Yorkers. As quoted by Gothamist, Community Service Society says the the sample's limitation of moving New Yorkers "eliminates the tendency of lower rents paid by long-time tenants to smooth out market changes and mask the changes that affect tenants who are looking for a place to live."
CSS's analysis serves to sound the alarm on how "inner ring neighborhoods" or neighborhoods in close proximity to traditionally pricey destinations, are filling up with the same kind of hot air that's taken hold of most of Manhattan. The survey also says that the rising rent crisis has led to the deregulation of 44 percent of rent-regulated apartments affordable to low-income residents, dropping the number of rent regulated apartments from 995,000 in 2002 to a mere 555,000 last year. When rent regulation laws were last visited in 2011, guidelines were set that allowed landlords to deregulate a rent-regulated apartment when its rent exceeded $2,500/month, and its tenant's income exceeded $200,000.
The report appears just a week before rent stabilization laws expire on June 15. For a primer on just how they may change, head this way.
Check out a different, interactive map of where rents have risen the most since 2009the results are pretty scary.
· Rent soars in parts of Manhattan, Brooklyn as affordable housing drastically dwindles: study [NYDN]
· Harlem Rents Are 90 Damn Percent Higher Than In 2002 [Gothamist]
· AS ALBANY DEBATES RENT REGULATION, CSS ANALYSIS SHOWS RAPIDLY RISING RENTS IN MANY PARTS OF CITY [official]
· Mapping New York City Neighborhoods Hit Hardest By High Rents [Curbed]